10th Jan - USD/JPY Surge Exceeds First Fibonacci Level
10 January 2013
WEEKLY CHART:
Following violation of the bear channel top resistance, the market has firmed decisively, now exceeding the 87.02 23.6% retracement. Next upside focus is on the 94.12 38.2% level.
DAILY CHART:
The continued recovery here broke through the bull channel top and has now reached the first Fibo projection at 88.53 (1.618 swing off prior Mar/Sep-12 correction). S/term we await reaction here, but temporary resistance is not a surprise technically.
First support is offered by the old channel top at 85.65, ahead of the 84.17 Mar-12 high.
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